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Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 2. Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. The effect from the stock options and restricted stock on incremental shares from the assumed conversions for net income per share-basic and net income per share-diluted are

presented below. There were no antidilutive shares for the three and nine months ended September 30, 2024, and September 30, 2023, respectively.

The following is a summary of the basic and diluted earnings per share computation (dollars in thousands, except share and per share data):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2024			2023			2024			2023
Basic earnings per share computation:
Net income available to common shareholders		$	9,140		$	2,067		$	26,500		$	22,403
Average common shares outstanding – basic			16,726,658			16,807,548			16,782,200			16,801,840
Basic earnings per share		$	0.55		$	0.12		$	1.58		$	1.33
Diluted earnings per share computation:
Net income available to common shareholders		$	9,140		$	2,067		$	26,500		$	22,403
Average common shares outstanding – basic			16,726,658			16,807,548			16,782,200			16,801,840
Incremental shares from assumed conversions:
Stock options and restricted stock			113,340			111,087			92,116			105,485
Average common shares outstanding - diluted			16,839,998			16,918,635			16,874,316			16,907,325
Diluted earnings per common share		$	0.54		$	0.12		$	1.57		$	1.33